Yesterday, 50,000 Greeks took to the streets in Athens to protest debt reduction measures meant to keep the country from, once again, defaulting. But, conditions in Spain could prove to worse an already dire situation.

The European Union will face their own “cliff” in September as U.S. lawmakers battle to prevent the fiscal cliff at home. This European cliff has nothing to do with scheduled sequestration and tax increases, but it is a similar perfect storm.

Today marks the end of the two-day Euro Summit in which leaders of euro zone countries met to quell uncertainty over the European financial crisis. Many agreements were reached, but the world awaits further action and implementation.